Easy Trip Planners Ltd (EASEMYTRIP)
🎯 Key Takeaways
- EaseMyTrip is in a strategic pivot phase, transitioning from a domestically focused travel aggregator to an internationally diversified platform with growing emphasis on non-air segments and sustainable mobility. Despite international revenue growth, persistent losses and negative ROE/ROCE indicate ongoing structural challenges.
- Revenue declined 11.3% QoQ to ₹135 in Q1FY27.
- ⚠️ 1) Persistent losses in core train and bus segments despite growth in Dubai and hotel bookings pose execution and margin risks. 2) Heavy reliance on i
📖 The Story
EaseMyTrip is in a strategic pivot phase, transitioning from a domestically focused travel aggregator to an internationally diversified platform with growing emphasis on non-air segments and sustainable mobility. Despite international revenue growth, persistent losses and negative ROE/ROCE indicate ongoing structural challenges. Management is betting on Dubai-driven momentum and EV expansion, but profitability remains elusive.
📰 What's Happening
In Q1 FY27, Dubai gross booking revenue surged 45.2% YoY to INR 4,618.1 million, driven by strong international travel demand, while hotel and holiday package bookings rose 95% YoY. Management highlighted expansion into electric buses via Easy Green Mobility, targeting 2,000 EVs by FY28. However, train and bus segments declined 45.8% YoY, raising concerns about non-air segment sustainability. The company continues to rely on internal accruals amid a lean cost model across its 15+ country footprint.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 114 | 118 | 152 | 152 | 135 |
| Operating Profit | -3 | -1 | -0 | -28 | -17 |
| OPM % | -2.3% | -0.6% | -0.0% | -18.2% | -12.6% |
| Net Profit | 0 | -36 | 3 | -15 | -12 |
| EPS | ₹0.00 | ₹-0.09 | ₹0.02 | ₹-0.04 | ₹-0.03 |
Revenue has plateaued around ₹115–152 crore per quarter over the past year, with operating losses widening in Q2 and Q1 FY27 (OP: -₹17 crore and -₹28 crore respectively). Profitability turned negative after a brief recovery in Dec 2025, when NP was ₹3 crore, but has since reverted to losses. Despite revenue stability, margins remain deeply negative, reflecting pricing pressure or cost inefficiencies in key segments like trains and buses, even as Dubai and hotel bookings grow.
🔮 Management Outlook & What's Next
Management emphasized the scalability of Dubai’s international demand and the long-term potential of its electric bus initiative, targeting 2,000 EVs operational by FY28. There was no explicit profitability guidance, but the focus remains on expanding non-air segments like hotels and holiday packages, which showed 95% YoY growth. No formal financial targets or timelines for breakeven were disclosed in the latest filings.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 177 | 354 | 364 | 364 |
| Reserves | 488 | 366 | 502 | 438 |
| Borrowings | 38 | 35 | 36 | 35 |
| Total Liabilities | 1,084 | 1,154 | 1,286 | 1,208 |
| Fixed Assets | 39 | 156 | 97 | 110 |
| Investments | 50 | 59 | 228 | 172 |
| Total Assets | 1,084 | 1,154 | 1,286 | 1,208 |
The balance sheet shows stable equity (₹364 crore) and reserves (₹438–502 crore) over the past two fiscal years, with borrowings remaining minimal (₹35–36 crore). Total assets have grown modestly, indicating asset base expansion without significant debt accumulation. The company is not leveraging aggressively, but reserve growth may be partly attributed to deferred tax credits and provisions related to GSA agreements, which could impact future cash flow if not reversed.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +112 |
| Investing | -92 |
| Financing | +16 |
| Net Cash Flow | +35 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 47.7% | 47.7% | 43.6% |
| FII | 0.4% | 1.4% | 6.0% |
| DII | 2.5% | 2.3% | 2.0% |
| Public | 43.7% | 41.0% | 39.1% |
| # Shareholders | 10,47,574 | 10,15,650 | 9,91,281 |
Promoter holding has declined from 47.72% in Q4 FY26 to 43.56% in Q1 FY27, while FII ownership rose slightly to 5.96% from 1.41%, suggesting renewed institutional interest. DII holdings remain stable around 2%, and the number of public shareholders has increased to over 9.9 lakh. No pledging or significant dilution was reported, but the reduction in promoter stake may reflect personal liquidity needs or portfolio rebalancing rather than confidence concerns.
⚖️ Peer Comparison — E-Commerce/App based Aggregator
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| ETERNAL | 3.16 L Cr | 697.5 | 4.1% | 1.4% | 0.00 |
| PAYTM | 1.05 L Cr | 160.6 | 4.8% | 4.3% | 0.00 |
| NYKAA | 97,298 | 381.7 | 24.2% | 18.0% | 0.52 |
| MEESHO | 94,616 | — | -24.9% | -27.4% | 0.00 |
| NAUKRI | 87,861 | 54.9 | 6.2% | 5.0% | 0.00 |
| POLICYBZR | 84,833 | 113.0 | 12.9% | 11.6% | 0.00 |
| SWIGGY | 75,909 | — | -19.2% | -20.5% | 0.01 |
| URBANCO | 25,855 | — | -11.7% | -15.6% | 0.00 |
| TBOTEK | 18,703 | 69.6 | 17.0% | 17.1% | 0.42 |
| PINELABS | 18,444 | 141.5 | 4.1% | 2.2% | 0.05 |
⚠️ Risk Factors
1) Persistent losses in core train and bus segments despite growth in Dubai and hotel bookings pose execution and margin risks. 2) Heavy reliance on international travel recovery, particularly Dubai, creates exposure to geopolitical, regulatory, or demand volatility. 3) No clear path to profitability is outlined, and negative ROE/ROCE suggest capital is not being efficiently deployed. 4) Deferred tax credits and contingent recoveries (e.g., GSA provision) are non-recurring and cannot be relied upon for sustainable cash flow.
📋 Recent Filings
-
🟡 Board Meeting 1 September 2026The board approved the notice for the 18th AGM, appointed a scrutinizer for remote e-voting, accepted the FY25-26 annual report including MD&A and sus...
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Announcement 25 August 2026EaseMyTrip announced that its Founder and Chairman Nishant Pitti participated in the launch of the Stars Golf League Mauritius, a new global golfing e...
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Announcement 18 August 2026EaseMyTrip announced the launch of ReSave, a zero-cost flight add-on that monitors booked itineraries for eligible fare drops and returns 100% of savi...
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🟡 Board Meeting 14 August 2026Easy Trip Planners Limited announced the outcome of its August 14, 2026 board meeting, where it approved unaudited standalone and consolidated financi...
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🔴 Financial Results 14 August 2026EaseMyTrip reported a 45.2% YoY jump in Dubai gross booking revenue to INR 4,618.1 million in Q1 FY27, driven by strong international travel demand. N...
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Announcement 14 August 2026EaseMyTrip reported Q1 FY27 results showing 14.8% YoY growth in Gross Booking Revenue to INR 2,371 Cr and 18.4% YoY growth in Revenue from Operations ...
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Announcement 14 July 2026EaseMyTrip announced a strategic MoU with Jharkhand's government to boost digital tourism promotion, leveraging its travel ecosystem and platforms lik...
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share transfer 11 July 2026Easy Trip Planners Limited received a SEBI-mandated certificate from KFin Technologies confirming no dematerialization or rematerialization requests f...
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Financial Results 26 June 2026Easy Trip Planners Limited announced that its trading window will close on July 1, 2026, at 9:00 AM and remain closed until 48 hours after the board m...
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🔴 Insider Trading 11 June 2026Promoters Nishant Pitti and Priyanka Tiwari disclosed no new encumbrances on their Easy Trip Planners shares for FY2026, confirming compliance with SE...
🧠 Analyst's Read
EaseMyTrip is navigating a high-risk transition toward international and diversified revenue streams, but profitability remains out of reach. Investors should monitor the sustainability of Dubai growth, the pace of EV deployment, and whether non-air segments can offset losses in underperforming categories. The next few quarters will be critical in validating management’s expansion strategy without diluting capital efficiency.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.
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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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